VETERAN'S ENTITLEMENT

The veteran must have sufficient available entitlement for the VA refinance debt consolidation loan. If an existing VA refinance loan on the same property will be paid off by the refinancing loan, the entitlement used for that existing loan can be restored for purposes of obtaining the new loan.

Additionally, Congress raised VA’s maximum loan amount for these types of refinancing loans. Previously, these VA refinancing loans were capped at $144,000. With the new legislation, such loans may be made up to $729,750 depending on where the property is located.

The veteran must certify that he or she intends to personally occupy the property as his or her home for a VA refinance debt consolidation loan.

PROCEEDS

The Veteran may use the remaining proceeds, if any, from a VA refinance debt consolidation or cash out refinance to do such things as:

• Home Improvement
• Payoff consumer debt
• Investment purposes
• Savings

For other types of VA Refinances click on the following subjects:

VA STREAMLINE REFINANCE (IRRL)

REGULAR REFINANCE